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Alliance Financial Services Limited IPO


The Selling Shareholders are pleased to invite you to share in the success and future growth of Alliance Financial Services Limited, as it continues to fulfill its goal of providing convenient remittance, cambio and card services to all Jamaicans. The vision of the Company’s founders at inception was to establish a business that would consistently offer superior and personalised financial services, while creating a long-lasting and mutually beneficial relationship with its customers. Over the years, by committing to the core values of innovation, customer-centricity and financial sustainability the Company has been living that vision, and its performance to date is testament to the business acumen and prudence of an experienced team of leaders and employees who are always striving to maintain the Company’s success.



Read the Alliance Financial Services Ltd prospectus

Apply for the Alliance Financial Services Ltd IPO via Moneyline

Offer Details 



Open Date

Monday, December 28, 2020

Closing Date

Monday, January 11, 2021


Jamaican Dollar Price

J$1.59 per share




Minimum Purchase

Minimum of 5,000 shares 


Read the full prospectus

How to apply via JMMB Moneyline

Submitting an application for an IPO, online, is quick and easy, using our online banking platform, JMMB Moneyline. Follow the steps in the video which are also referenced below to successfully submit your application:

  1. From your browser, go to the JMMB Moneyline  website which can be accessed at https://moneyline.jmmb.com/personal/                                        
  2. Enter your username and password then select ‘Login’.
    This is for persons with online access to their JMMB Equity Money Market Fund Account – (EMMA)
  3. Enter your security question then press ‘Continue’, to begin your Moneyline session
  4. From the main menu select ‘Transactions’, then select ‘New Transaction’ from the drop-down menu
  5. Select ‘Buy Stocks’, for the transaction type.
  6. Select the Equity Money Market Fund (EMMA) account that you would like to make the purchase from Select ‘IPO’, and all available IPOs will be displayed. Choose the IPO you would like to purchase, then press ‘Continue’
  7. You will be navigated to the ‘Order Details’ page, where you will be able to enter the quantity of shares you would like to purchase. The order type automatically defaults to the market price.
  8. You can also save a note to yourself about your transaction using the Personal Note section
  9. Please confirm your agreement with the terms and conditions in the IPO’s prospectus, by pressing ‘Continue’.
  10. If you have joint holders, a pop-up will appear to inform you that joint holders over the age of 18 years must indicate approval of this transaction to complete processing; and that instructions will be sent to joint account holders via email.
  11. You will be sent to the ‘Order Summary’ page, for review. You may then press the ‘Back’ button to revise the transaction; ‘Continue’ to approve the transaction; or ‘Save and Add Another’, if you would like to include additional stock purchases.
  12. Once you have selected ‘Continue’, enter your PIN, then select ‘Process All Transactions’.
  13. The status column for the Transaction Results will indicate that the transaction has been submitted!

Joint Account Holder Approval Process

As a joint account holder, you do not need Moneyline access to be able to approve the IPO transaction. Joint account holders will receive an email with the link to approve the stock order and an access code.

1. Enter your TRN and the access code in the form provided and click ‘Submit’.

2. Review the stock order and confirm your agreement to the terms and conditions in the prospectus, by clicking the ‘Approve Purchase’ button.

3. You will be navigated to the confirmation page, stating that the IPO transaction was approved.





Open your stockbrokerage account (JMMB EMMA)

If you do not already have a stockbrokerage account (JMMB EMMA), get moving by opening your JMMB EMMA account with us, so that you can take advantage of this great investment opportunity, as well as other investment opportunities in the future.

1 Gather all your documents:

2 Visit you nearest JMMB Financial Life Goals Centre and speak to a representative 

3 Fund your account with the amount needed to purchase the required shares.

4 Sign up for JMMB Moneyline online access. This will allow you to view your investments, buy and sell shares, transfer funds between accounts and more.

Key Highlights


AFSL’s performance is proven in the numbers. They continue to maintain this performance by remaining innovative, strategic and resilient during local and global economic challenges, year over year.

  • Net Profit after Tax increased from $291.8M in FY2016 to $709.3M in FY2020, a Compound Annual Growth Rate (CAGR) of 24.86% between FY2016 – FY2020
  • Net profit margin has grown every year for the last 5 years from 24.3% FY2016 to 48.38% in FY2020
  • Return on Average Equity (ROAE) was 44.42% in FY2020


Know your brokers and selling agents








JMMB Securities

Apply through JMMB Moneyline

Karl Townsend



23 Phoenix Avenue,
Kingston 10








NCB Capital Markets Limited

Apply through NCB GoIPO




32 Trafalgar Road
Kingston 10


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